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Hong Q. HouThank you Kevin. Good afternoon, as Kevin said I’ll give you a update, EMCORE certainly to some of you are pretty familiar name, but over the last several years we have restructured the company especially in the last couple of quarters, pretty significantly. I think we are very excited about the business flowing out we have right now. And the first slide, just to give you a quick overview of the company. We run the fiscal year from October through September, so we’ll be finishing our fiscal 2012. But in last year, our revenue roughly about $200 million and we operate headquartered in Albuquerque in New Mexico and our fiber optics components effort has been primarily in California. We’ve a factory in China and we also have a joint venture on the solar side, solar energy solar power side we have 40% equity interest that is based in China as well. And the three primary operations in U.S, our headquarter in Albuquerque, which is also the site of design and manufacture of space solar components and solar panels for satellite. And the other two main locations are in Pasadena, California area and Newark, California area in the Bay area. So we had four business units and in two business segments, one segment is in Fiber Optics and the other one is a Solar Photovoltaics. And actually over the last three months we have gone through a pretty substantive restructuring as Kevin mentioned. And we about a year ago the management team along with our Board of Directors had a very thorough review on the product line profitability. So we get a pretty diverse portfolio of which some of the products and reaches now almost the end of life, so we decided to discontinue some of the products. We are the first couple of other areas for example enterprise fiber optics components, which needs significant investment to keep the leading position. And we decided to divest that business and we did, we sold the Fiber Optics business VCSEL-based to Sumitomo in early May.
The other area we’ve been contemplating a different strategy over the last actually two, three years with the CTV our concentrated photovoltaics. So basically a solution based on high efficiency solar cell, we developed that for space power applications combined with the optics to solve and to try to provide the most cost effective solution for a land based solar power applications. As you will probably know that market has been I would say very dynamic in the last couple of years, we feel like try to catch a falling knife, so there’s too much risk, too much exposure and about a month ago we decided to consolidate the entire effort into our joint venture with a Chinese partner and we’ll still maintain a 40% of equity interest and but we would not have any further investment into that area.So after this two major restructuring along with a tremendous effort to recover from the flood impact in Thailand for our contract manufacturers, we now are pretty excited about they are lined up and in the next presentation we’ll be changing our – the business to line up basically right now we have three operating divisions; space, solar, those are broadband, cable TV and telecom optical components. Out of this three there are two of them that really are pretty established, stable business and we’re the market leader and the revenue combine this two divisions roughly about $150 million and a gross margin about 28% to 30%, operating margin in a range about 8% to 12%. So we have a great visibility and a lion share in the market in strongest competitive positions in the market place. Back to this division we called broadband, the other one is called the space solar power. For these two divisions, the business representing about 5% to 10% year-over-year growth. They are cash cows but they are not ready to driving engine for the group. But the driving engine out of our business portfolio, is the telecom optical components and after to carve out of the enterprise optical component that part was really you have two major product lines, one is the ITLA, that the integrated tunable laser assembly and ideally suited for 40 and 100 gigabit even in the future of 400 gigabit coherent transmission system. The other one is a newly introduced a product Tunable XFP for 10 gigabit small form factor (inaudible). Read the rest of this transcript for free on seekingalpha.com